Why This Stock Was One of the Most Searched Stocks on Wednesday
By Glenford S. Robinson
According to Benzinga, this stock was one of the most searched stocks of the day on Wednesday, October 10, 2018. The people who were searching this stock knew something that the general public didn’t know. This kind of interest in a stock could be rumor-driven. As the saying goes “Buy the Rumor and Sell the News.”
Therefore, investors and traders could be loading up on this stock as a result of some underlying information that we are determine to find out. Let’s analyze this stock and see if we can come up with a reason for its high-flying action up the charts. The company we are referring to is called Nio Inc., a Chinese electric car maker, trading on the NYSE under the ticker symbol “NIO.”
According to the company’s profile, “Nio, Inc. designs, manufactures and sells smart and connected electric vehicles.” The company states that it builds autonomous driving electric vehicles integrated with artificial intelligence. In fact, one of its standout gems is the ES8, a seven-seater all aluminum alloy body electric sports utility vehicle (SUV), capable of accelerating from zero to 100 km in 4.4 seconds with a New European driving cycle driving range of up to 355 kilometers (km) and a maximum range of up to 500 km in a single charge.
One other electric car company comes to mind, Tesla.
I remembered when Tesla’s stock was hovering around $30 per share and many people weren’t paying much attention until it’s stock price sky rocketed to over $300 per share. Those people who weren’t paying much attention was obviously late to the dance. We can be rest assured that those nonbelievers are some of the people who are now buying Tesla shares at $300 per share.
We are now currently in a similar situation with Nio Inc. In fact, Nio’s stock is not even close to $30 per share like Tesla’s a couple years ago. Nio’s stock is currently only valued at $7.46 as of Friday, October 12, 2018, 4:06pm with a trading volume of 14,545,424. With such a high trading volume coupled with a high of $7.75 for the day and a low of $7.28, that is telling us that something big positively speaking is about to happened to the stock price in the not-so-distant future. This could have been the catalyst for the heightened interest in the stock and a reason why it was one of Benzinga’s top searched stocks on the day. Please formulate your own investment decision with the help of your investment advisor or financial advisor.
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I am a Clinical Lab Scientist, entrepreneur, investor and trader (stocks and Forex). I enjoy writing and publishing articles online.